GBPUSD Weekly Analysis – March 8, 2015

GBPUSD is facing 1.4950 support, a breakdown below this level will indicate that the downtrend from 1.7190 (Jul 15, 2014 high) has resumed, then next target would be at 1.4500 area. On the other side, as long as 1.4950 support holds, lengthier consolidation for the downtrend could be expected, and one more rise to 1.5700 area to complete the consolidation is still possible.

gbpusd chart